Collins Stewart offers to buy Prebon for $124 million

LONDON (CBS.MW) -- U.K. broker Collins Stewart Tullett
uk:cstl
said it has agreed to buy interdealer broker Prebon for 69.5 million pounds ($124 million) in cash and shares. Of the 69.5 million pounds, 49.6 million pounds will be in cash and the remaining 19.9 million pounds will be in shares. It will sell 48 million pounds of shares at 350p per shares, vs. a 360p per share close on Thursday, to fund the acquisition. Collins Stewart sees 60 million pounds in pre-tax savings, with a one-off restructuring cost of 80 million pounds.

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